What Is an MBA in Finance Degree?
In the business world, understanding the financial decision-making process is one of the deciding factors for a company's growth. As all markets become more competitive, companies are looking for working professionals with a keen grasp of the financial markets and how best to leverage them to their success. The Master's in Business Administration has become a staple of the graduate experience and a highly desirable asset for corporations (it's also the most popular graduate degree in America). An MBA provides students with a solid foundation of leadership, management, and business acumen. An MBA in Finance degree combines the core business administration courses with a dive into micro and macro finances, its role in businesses, and financial strategizing.
The Best MBA in Finance Programs
| School | Tuition* | Acceptance Rate | Graduation Rate | Financial Aid % | Placement Services | Career Services | Accepts | |
|---|---|---|---|---|---|---|---|---|
| 1 | University of Pennsylvania | $40182 | 8% | 96% | 59% | Yes | Yes | AP Credits |
| 2 | Texas A & M University-College Station | $10173 | 58% | 82% | 76% | Yes | Yes | AP Credits |
| 3 | Georgetown University | $51790 | 14% | 95% | 55% | Yes | Yes | AP / NCCRS Credits |
| 4 | Harvard University | $49214 | 5% | 97% | 73% | Yes | Yes | AP Credits |
| 5 | Vanderbilt University | $49124 | 9% | 93% | 68% | Yes | Yes | AP Credits |
| 6 | Bentley University | $39180 | 47% | 90% | 83% | Yes | Yes | AP Credits |
| 7 | University of Maryland-College Park | $14793 | 44% | 87% | 66% | Yes | Yes | AP Credits |
| 8 | Creighton University | $17898 | 74% | 81% | 99% | Yes | Yes | AP / ACE / NCCRS Credits |
| 9 | University of Florida | $12737 | 37% | 88% | 92% | Yes | Yes | AP Credits |
| 10 | Case Western Reserve University | $46560 | 27% | 84% | 89% | Yes | Yes | AP Credits |
| 11 | University of Colorado Denver/Anschutz Medical Campus | $8069 | 67% | 52% | 82% | Yes | Yes | AP Credits |
| 12 | Stony Brook University | $13558 | 44% | 76% | 79% | Yes | Yes | AP Credits |
| 13 | University of Wisconsin-Madison | $12180 | 54% | 88% | 61% | Yes | Yes | AP Credits |
| 14 | La Salle University | $25630 | 78% | 66% | 99% | Yes | Yes | AP Credits |
| 15 | Boston College | $30700 | 27% | 94% | 56% | Yes | Yes | AP / NCCRS Credits |
| 16 | Temple University | $17846 | 60% | 74% | 90% | Yes | Yes | AP Credits |
| 17 | University of Delaware | $34956 | 71% | 81% | 88% | Yes | Yes | AP Credits |
| 18 | Johns Hopkins University | $57556 | 11% | 93% | 67% | Yes | Yes | AP / NCCRS Credits |
| 19 | Molloy College | $22610 | 78% | 74% | 96% | Yes | Yes | AP / ACE / NCCRS Credits |
| 20 | University of Toledo | $15809 | 96% | 50% | 95% | Yes | Yes | AP / ACE Credits |
| 21 | Florida State University | $11553 | 36% | 83% | 97% | Yes | Yes | AP / ACE Credits |
| 22 | Iowa State University | $10990 | 92% | 74% | 90% | Yes | Yes | AP / NCCRS Credits |
| 23 | The University of Texas at Dallas | $13874 | 79% | 70% | 78% | Yes | Yes | AP Credits |
| 24 | Louisiana State University and Agricultural & Mechanical College | $13035 | 75% | 68% | 96% | Yes | Yes | AP Credits |
| 25 | University of Nevada-Reno | $5931 | 88% | 61% | 88% | Yes | Yes | AP Credits |
| 26 | University of Wyoming | $6289 | 96% | 60% | 93% | Yes | Yes | AP / NCCRS Credits |
| 27 | California Lutheran University | $19556 | 71% | 68% | 98% | Yes | Yes | AP Credits |
| 28 | Michigan State University | $18858 | 71% | 81% | 70% | Yes | Yes | AP / ACE Credits |
| 29 | Saint Joseph's University | $17334 | 75% | 81% | 98% | Yes | Yes | AP Credits |
| 30 | University of Colorado Boulder | $13556 | 78% | 69% | 66% | Yes | Yes | AP Credits |
| 31 | Southern Methodist University | $47256 | 47% | 81% | 82% | Yes | Yes | AP Credits |
| 32 | University of Illinois at Chicago | $16566 | 73% | 61% | 78% | Yes | Yes | AP Credits |
| 33 | University of Missouri-Kansas City | $11006 | 61% | 50% | 92% | Yes | Yes | AP Credits |
| 34 | Kansas State University | $11277 | 95% | 65% | 88% | Yes | Yes | AP / ACE / NCCRS Credits |
| 35 | University of South Florida-Main Campus | $10428 | 48% | 75% | 93% | Yes | Yes | AP Credits |
| 36 | Northeastern State University | $5101 | 100% | 33% | 93% | Yes | Yes | AP Credits |
| 37 | University of California-Riverside | $13584 | 57% | 76% | 85% | Yes | Yes | AP Credits |
| 38 | Florida Atlantic University | $6693 | 63% | 50% | 82% | Yes | Yes | AP Credits |
| 39 | Oklahoma State University-Main Campus | $8460 | 70% | 65% | 90% | Yes | Yes | AP / NCCRS Credits |
| 40 | University of Rhode Island | $15514 | 75% | 69% | 95% | Yes | Yes | AP Credits |
| 41 | Pace University | $32400 | 79% | 57% | 97% | Yes | Yes | AP Credits |
| 42 | Bryant University | $26832 | 71% | 81% | 97% | Yes | Yes | AP / NCCRS Credits |
| 43 | The University of Texas at San Antonio | $7754 | 77% | 42% | 83% | Yes | Yes | AP Credits |
| 44 | Indiana University-Southeast | $7896 | 82% | 36% | 83% | Yes | Yes | AP Credits |
| 45 | Tulane University of Louisiana | $56958 | 13% | 86% | 79% | Yes | Yes | AP Credits |
| 46 | The University of Alabama | $10780 | 83% | 71% | 79% | Yes | Yes | AP / NCCRS Credits |
| 47 | University of Massachusetts-Lowell | $15160 | 73% | 66% | 90% | Yes | Yes | AP Credits |
| 48 | Lewis-Clark State College | $0 | 100% | 38% | 94% | Yes | Yes | AP / NCCRS Credits |
| 49 | The University of Montana-Western | $0 | 56% | 49% | 85% | Yes | Yes | AP Credits |
To get a more in-depth look at our school ranking methodology, please visit our ranking methodology page.
*Tuition information is based on published tuition and required fees, per data by the National Center for Education Statistics (NCES).
Common Undergraduate Degrees for an MBA in Finance
An MBA in Finance can be leveraged into almost any industry, attracting individuals from all sorts of backgrounds and with wildly different career goals. Many programs encourage students from majors other than business to apply and bring their unique perspectives to the program. This includes those with majors in STEM fields or the arts. Some of the most common undergraduate degrees students possess before starting an MBA in Finance are:
- General Business
- Finance
- Accounting
- Operations Management
- Economics
- Strategic Management
- Computer Sciences
Admissions Requirements for an MBA in Finance Program
As with any graduate program, a student must have completed a four-year bachelor's degree from an accredited university before enrolling in an MBA in Finance. The following are some of the most common admissions requirements universities ask for during the application process. Be sure to review the full list with each school you apply to beforehand.
- Letters of Recommendation
- Transcript of Records
- CV or Resume
- Personal Essay
- GMAT or GRE test results: Most MBA in Finance degrees will likely ask for your GMAT (Graduate Management Admission Test) or GRE (Graduate Record Examinations).
- Interview
Why Should I Get an MBA in Finance Degree?
An MBA degree is a highly flexible tool that more and more job recruiters are looking for in candidates since it prepares individuals for a variety of scenarios. As the employment field becomes ever more competitive, higher education can set you apart from other candidates. An MBA in Finance specifically provides a level of specialization that is not offered in typical MBA programs. That extra degree of specialization can help set you apart from the growing number of professionals who possess MBA degrees, without losing the well-rounded curriculum it typically offers. Working professionals with an MBA degree usually earn 28% more than others without similarly advanced degrees. And, since networking is such an important part of the field of business, pursuing an MBA in Finance can help you establish lifelong professional connections with like-minded individuals in a multitude of industries.
How to Choose an MBA in Finance Program
Many colleges offer three choices for an MBA program: full-time, part-time, and executive programs. A full-time program typically lasts 2 years and is intended for young professionals, eager for more experience. A part-time MBA program can last anywhere from 2 to 5 years, with courses designed to fit around a normal work schedule. Finally, an executive MBA is designed for more experienced professionals, with courses geared specifically for managerial positions. Such a program usually lasts between 18 to 24 months, depending on the university and the student's availability.
Oftentimes, the quality of an MBA in Finance program comes down to the professors teaching the courses. Many come from professional settings, bringing their own real-world experience into the classroom. Others are renowned researchers, at the forefront of innovation. Universities that offer post-graduate programs after an MBA are home to some of the leading intellectual minds in the field of finances, and an ideal place to grow your skills. Looking at the available courses and the assigned professors beforehand can give you an idea of the level of instruction you can expect and find the best fit for you.
MBA in Finance Program Accreditation
Several national and international organizations are dedicated to ensuring high standards of education in business management programs. Some of the most prominent are the Association to Advance Collegiate Schools of Business (AACSB) in the U.S., the Association of MBAs (AMBA), and the EFMD Quality Improvement System. These organizations review several factors, including a school's curriculum, employers' experience with graduates, installations, and such. Receiving an accreditation can help distinguish a particular MBA program, assuring students that they will be studying in a recognized institution and receiving an internationally valid degree. Universities are expected to continuously update their curriculum to adequately reflect the changing global landscape, hire preeminent figures in the business world for their faculty, and apply rigorous testing standards.
MBA in Finance Degree Courses
Most MBA in Finance programs offer students a combination of required and elective courses throughout their studies. Required courses serve as the backbone of the entire program, covering the fundamental concepts all students must grasp to become effective leaders. Some foundational courses include financial accounting, statistics, economics, and leadership. The students in turn complement these required courses with their choice of elective courses, helping them explore the topics they are most interested in. Many students choose to work with a faculty advisor when choosing their electives to ensure they align with their career goals.
MBA in Finance Foundational Courses
The following is a small sample of the types of courses most students can expect during an MBA in Finance.
- Macroeconomics: This course strengthens a student's grasp of key macroeconomic principles. Students come to understand macroeconomics from a policy standpoint and as a result of market trends. Understanding the economic environment is fundamental for making sound and advantageous business decisions.
- Financial Markets and Institutions: This course analyzes the economic role of financial institutions, the impact financial crises have on businesses and the inner workings of financial contracts. Other topics covered include debt allocation, bankruptcy, banking corporations, and insurance companies.
- Portfolio Management: One of the most common jobs for a financial specialist is portfolio management. This covers everything from mutual funds, pension funds, and hedge funds, to investment strategies in the stock market. This course covers the options a portfolio manager can offer clients and how best to ensure profitability.
- Financial Instruments: This course focuses primarily on derivatives, both their application and pricing.
MBA in Finance Specialist & Elective Courses
A student can take advantage of their elective courses to hone their skills in areas that are of particular interest to them. Considering an MBA in Finance's applicability across a broad spectrum of career options, it is of the utmost importance that students choose them carefully. Many universities offer students the guidance of a career advisor. The following is a small sample of the elective courses most colleges offer.
- Digital Currencies
- Behavioral Finance
- Hedge Funds
- Investment in Microfinance
- Mergers and Acquisitions
Licensure & Certification for an MBA in Finance
Though there isn't a licensing body accrediting an individual's capabilities for Finances as a whole, certain careers will require a specific license. For example, work in the securities industry will require a license from the Financial Industry Regulatory Authority (FINRA) to sell financial products. It should be remarked that an individual requires an employer's sponsorship to get the license, employers don't expect job applicants to already have it.
One of the most commonly requested certifications employers require is the Chartered Financial Analyst (CFA), especially for careers in portfolio management, consulting, risk analysis, and investment strategy. The CFA charter certifies an individual's expertise in asset management, commercial banking, and investment banking. The CFA charter is highly valued within the industry and opens the doors for individuals to work in some of the world's largest investment and banking enterprises.
Post-Graduate Options After an MBA in Finance
For those that have completed an MBA program and are interested in furthering their education, many universities' business schools offer PhD programs in finance. Such programs are designed around thorough research into new topics in the world of business management and finances. Doctoral candidates work collaboratively with a designated faculty advisor that can best help them conduct their research and arrive at unique conclusions in their thesis project. Completing a Ph.D. can equip individuals to work at higher education institutions, government positions, and as researchers.
What Can I Do with an MBA in Finance Degree?
An MBA in Finance is an extremely versatile tool that can translate into a variety of career options. Students are equipped with key skills for financial decision-making that make them highly desirable for companies and organizations. The following is a sample of the possible career paths for someone with an MBA in Finance.
- Financial Manager: Financial Managers are in charge of an organization's finances, monitoring investment, expenditure, and other financial vital signs. They elaborate financial reports that can in turn be used to set a company's financial strategy.
- Chief Financial Officer: A company's Chief Financial Officer dictates its financial policy, making important spending and investment decisions based on the company's overall health. They manage an organization's financial operations and the employees in that department.
- Budget Analyst: A Budget Analyst is in charge of elaborating and auditing an organization's budget, ensuring funds are appropriately allocated, and allowing the company to operate correctly.
Job Outlook for an MBA in Finance
As markets around the world become more competitive, organizations across every industry have become warier of their financial management. More companies are looking to hire individuals with the necessary skills. The US Bureau of Labor Statistics projects that between the years of 2019 and 2029, employment of financial managers will grow at a rate of 15%. Compared to the national average for all occupations (currently at 4%), financial management shows clear signs of attracting trained professionals at a considerable rate. An increasingly globalized world calls for companies to make sound investment decisions and remain competitive across both new and established markets.
How to Become a Financial Manager
A financial manager's career often begins with a bachelor's degree in finances, economics, or accounting. There they acquire foundational skills in mathematics and data analysis while gaining key notions of financial institutions and economic theory. For an entry-level position within the industry, most employers will only require the completion of a bachelor's degree.
Financial management offers individuals the opportunity for professional growth. Many employers will look for candidates that have completed an MBA in Finance since they will most likely possess essential abilities for business decision-making. Some key sectors that are looking for financial managers are insurance companies, banking and credit institutions, wealth management firms, and such. All of these require a strong grasp of financial instruments, economic policy, and risk evaluation.
Financial management is a considerably well-paid position. According to the US Bureau of Labor Statistics, the median annual income of a financial manager is between $114,250 and $152,810. The states with the highest employment rates for financial managers are California, Texas, New York, Illinois, and Massachusetts, being themselves home to some of the nation's largest bank headquarters and financial institutions.
How to Become a Chief Financial Officer
A CFO will usually start their careers by completing an undergraduate degree in a finance-related field, including economics or accounting.
As a high-level executive position, CFOs are usually hired based on extensive experience in the field of finances, even being promoted from within the company itself. Companies look for individuals who possess a combination of years of experience and higher education to place at one of the leading positions within its hierarchy. Before being hired as a CFO, many will enroll in an MBA in Finances program, as it provides a well-rounded view of finances through the lens of business. Furthermore, employers may favor candidates that have earned multiple certifications.
MBA in Finance Program Financial Aid & Scholarship Resources
All of those interested in receiving financial aid for their studies can complete the Free Application for Federal Student Aid (FAFSA). After answering questions and providing information about your background, you can find out what federal and state financial aid programs apply to you.
Another way of securing funds for studying for an MBA in Finance is through scholarships. The following are some examples of scholarships to be used in any college nationwide. There may be many more options available at your college of choice.
- Government Finance Officers Association : The GFOA offers a variety of scholarships to those interested in pursuing a career in government finance, with funds ranging from $5,000 to $20,000.
- Association of Insurance Compliance Professionals : The AICP Scholarship program is open to both undergraduate and graduate students who are enrolled in programs relating to insurance, economics, finance, management and others. The AICP grants three $1,500 scholarships annually.
- Forté MBA Fellowships : Forté is a non-profit organization dedicated to women's advancement in the world of business, by increasing both their participation and visibility within it. Their MBA Fellowship program allocates funds for promising women interested in pursuing an MBA in an affiliated college.
